Stryker is a global medical-technology company selling surgical equipment, implants, consumables, robotics, communications systems and related services, primarily to doctors, hospitals and other healthcare facilities. It reports through MedSurg and Neurotechnology and Orthopaedics.
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A snapshot of what STRYKER CORP owns and owes at a point in time.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230000310764-24-000024 | Feb 14, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240000310764-25-000023 | Feb 12, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250000310764-26-000010 | Feb 11, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Stryker entered 2026 after three years of volume-led sales growth, but its earnings trajectory is less straightforward than the revenue trend. In 2025, sales reached $25.116 billion and operating cash flow reached $5.044 billion; lower impairment charges helped operating profit, while acquisition financing and tax charges constrained net earnings. After the annual filing, a cybersecurity incident materially disrupted operations and affected first-quarter results. Manufacturing and key commercial systems were restored by April 9, although the investigation remained open. Second-quarter growth strengthened, but a $158 million tariff reversal and lower acquisition-related charges amplified GAAP earnings improvement. Acquisitions remain central to capital allocation, bringing development, integration and valuation risks. The latest supplied operating results cover June 2026; the October announcement schedules an internal CEO succession for January 2027.
Sources: 10-K · 2025-12-31 · 8-K/A · 2026-03-11 · 10-Q · 2026-03-31 · 10-Q · 2026-06-30 · 8-K · 2026-10-06
Stryker combines procedure-dependent implants and consumables with hospital capital equipment, robotics and communications products. Most revenue is recognized at a point in time; substantially all Orthopaedics sales require a purchase order and notification that the product was used or implanted. Services recognized over time represented less than 10% of 2025 sales, so this is not predominantly a subscription business. Orthopaedic procedures typically slow during summer, while equipment sales generally strengthen in the fourth quarter. Product adoption, hospital budgets, reimbursement, clinical staffing and regulatory approvals consequently affect different revenue streams differently.
Sources: 10-K · 2025-12-31
Sales increased 11.2% to $25.116 billion in 2025. Management reported 10.3% organic growth, comprising 9.9 percentage points of volume and 0.4 points of pricing. Inari expanded Vascular, while the Spinal Implants disposal reduced reported Orthopaedics growth; the small net portfolio contribution concealed substantial opposing changes. GAAP operating income reached $4.889 billion, helped by impairments falling from $977 million to $170 million. Higher financing expense and a 28.1% effective tax rate limited net earnings to $3.246 billion. Adjusted earnings of $5.267 billion exclude substantial tax, acquisition and amortization costs; these exclusions are not all nonrecurring.
Sources: 10-K · 2025-12-31
Operating cash flow increased to $5.044 billion in 2025, supported by higher cash earnings and improved receivable collections, partly offset by inventory investment. Capital expenditure was $761 million, acquisition cash spending $4.960 billion and dividends $1.284 billion. Inari's $4.810 billion net-cash purchase price is already included in acquisition spending. Debt carrying value increased to $15.859 billion. Cash rose to $4.011 billion, but the broader cash-and-investment basket declined because $750 million of separately classified short-term investments was liquidated. There were no share repurchases; employee tax withholding is not discretionary buyback spending.
Sources: 10-K · 2025-12-31
The incident identified and reported March 11, 2026 disrupted ordering, manufacturing and shipping. Subsequent investigation identified a nonspreading malicious file, superseding the initial no-malware belief. On April 9, Stryker determined that operations had been materially affected, with consequences for first-quarter financial results, while reporting that global manufacturing and commercial, ordering and distribution systems were restored. The May 11 quarterly filing retained an ongoing investigation and linked manufacturing-cost pressure primarily to idle production. No supplied disclosure isolates total incident-related lost sales, expense, cash effects or insurance recovery. Restored systems therefore do not establish elimination of financial, data or legal consequences.
Second-quarter sales increased 9.4% to $6.589 billion, with 9.0% organic growth attributed to volume. GAAP net earnings rose 44.3% to $1.276 billion, but included a $133 million after-tax benefit from reversing 2025 tariffs. Adjusted EPS increased 17.9%, compared with only 5.4% for the first half. As of July 30, management narrowed 2026 organic-growth guidance to 8.3%–9.3% and adjusted EPS to $14.95–$15.10. These remain conditional forecasts, not completed annual results. October's succession announcement appoints Spencer Stiles CEO from January 1, 2027, with Kevin Lobo becoming executive chair.
Sources: 8-K · 2026-03-11 · 8-K · 2026-03-12 · 8-K · 2026-03-23 · 8-K/A · 2026-03-11 · 10-Q · 2026-03-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-07-30 · 8-K · 2026-10-06
At June 30, 2026, cash was $3.391 billion and debt $14.942 billion, including $250 million of commercial paper. Stryker reported covenant compliance, but not numerical headroom; undrawn borrowing capacity is not cash. AVS adds an unapproved development platform and contingent milestones, while the Spinal Implants sale leaves collection risk. Other material exposures include the German tax dispute, product-liability claims, sole-source components and sterilization, tariffs and reimbursement pressure. Historical control opinions do not negate these risks: Inari was excluded from 2025 internal-control testing, and later management control conclusions do not mean the cyber incident was operationally immaterial.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-03-31 · 10-Q · 2026-06-30
USD 25.116 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 25.116 bn | 11.2% |
| 2024 | USD 22.595 bn | 10.2% |
| 2023 | USD 20.498 bn | — |
Consolidated net sales of products and services.
Sources: 10-K · 2025-12-31
USD 3.246 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 3.246 bn | 8.5% |
| 2024 | USD 2.993 bn | -5.4% |
| 2023 | USD 3.165 bn | — |
Consolidated earnings after income taxes.
Sources: 10-K · 2025-12-31
USD 5.044 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 5.044 bn | 18.9% |
| 2024 | USD 4.242 bn | 14.3% |
| 2023 | USD 3.711 bn | — |
Cash generated by consolidated operating activities; not net earnings.
Sources: 10-K · 2025-12-31
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